8APRIL 2024TOP STORIESELECTRIC TWO WHEELER SALES WITNESS 33 PERCENT INCREASE IN FY 23-24The electric two-wheeler market in India experienced significant growth in the fiscal year 2023-24, with sales increasing by a remarkable 33.3 percent compared to the previous year. Data from the Vahan portal revealed that a total of 910,930 units of electric two-wheelers (e2w) were sold during the fiscal year, up from 682,937 units in the previous year.Ola Electric emerged as a major player in the market, accounting for nearly one-third of all e2w sales in India during the fiscal year. The company reported sales of over 1.5 lakh units, almost doubling its sales compared to the previous fiscal year, surpassing 3 lakh units in FY24.Commenting on the achievement, Ola Electric stated that it had been a significant year for the company and the EV industry as a whole. They highlighted their consistent growth in both volumes and market share throughout the fiscal year, with a particularly strong performance in the fourth quarter, during which they registered almost 1.20 lakh units alone. The company expressed its commitment to maintaining this growth trajectory and contributing further to India's electrification journey.Interestingly, traditional two-wheeler manufac-turers such as TVS Motor Company, Bajaj Auto, and Hero MotoCorp also made notable progress in the e2w market during FY24. TVS secured the second position, selling nearly one lakh additional units and capturing a fifth of the market share. Hero MotoCorp witnessed exponential growth, increasing sales from under 1000 units in FY23 to over 17,000 units in FY24. Bajaj also saw a significant increase in e2w sales, surpassing the one lakh unit mark during the fiscal year. Ather, anoth-er key player, recorded impressive growth, crossing the one lakh unit mark and closely competing with Bajaj in sales figures. INDIA CROSSES ONE BILLION TON COAL PRODUCTION IN FY 23-24India has achieved a significant milestone by surpassing 1 billion tons of coal and lignite production in the financial year 2023-24, according to Union Coal and Mines Minister Pralhad Joshi. This achievement marks a historic moment for the country, as it has recorded its highest-ever production, ensuring greater energy security.Minister Joshi attributed this achievement to the leadership of Prime Minister Narendra Modi and emphasized the importance of increasing domestic coal production to prevent future coal shortages. He expressed gratitude to sector officials, coal workers, and private miners for their dedication and hard work, which contributed to achieving this milestone. Over the last decade, India has witnessed a remarkable 70 percent growth in coal production, thanks to the collective efforts of stakeholders.Furthermore, Minister Joshi highlighted India's progress towards its goal of eliminating coal imports by 2025-26. He mentioned that the share of imported coal for blending purposes has decreased in the current fiscal year compared to the previous year, indicating strides toward self-sufficiency in coal production. In the financial year 2023-24, coal imports for blending purposes amounted to approximately 22.20 million tonnes, down from 30.80 million tonnes in the previous fiscal year. This reduction in coal imports has resulted in significant cost savings, amounting to Rs 82,264 crore in just one year.
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